Since the end of the Cold War, attention has increasingly focused globally on the nexus of conflict, natural resources, and governance, particularly in forested regions. This paper presents a comprehensive historical and comparative analysis of forest and biodiversity loss in Bangladesh over the last 50 years, attending to the impacts of counterinsurgency in the Chittagong Hill Tracts (CHT) and governance changes in the plains. Drawing on Peter Vandergeest and Nancy Peluso's seminal concept of “political forests,” the study critically analyzes how counterinsurgency, state-led development, and green militarization in the CHT, alongside neoliberal development, commercialization, and land grabbing in the plains, have reshaped forest governance and territorial control in the country. The analysis reveals that counterinsurgencies in the CHT, driven by domestic priorities and strategic interests, expanded colonial-style territorial control over forests, thereby exacerbating biodiversity loss. In the plains, neoliberal governance has promoted forest degradation through commercial exploitation and state-sanctioned land grabbing, with economic growth being pursued at the cost of environmental sustainability. This paper presents a critique of both militarized and neoliberal approaches to conservation, demonstrating how these models prioritize political and economic agendas over ecological integrity and local community needs. In conclusion, the study advocates a paradigmatic shift toward inclusive, community-centered forest governance that empowers local populations and emphasizes environmental stewardship, challenging dominant state-centric and market-driven approaches to forest management.